In Australia and Aotearoa there seems to be a solid correlation. I've worked with a few mediocre degree holders and possibly one competent non-degree holder. But I've experienced the opposite as a matter of course (not that I assume up front, but that's the way it works out).

(edit) I work in smaller companies, and used to consult into companies who were having performance and especially server threading issues. That biases who I work with.